{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.53e","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.53e","heading":"Permits to sell stock - Application - Issue of permit","body":"- Conditions - Amendment, alteration or revocation.\n\nNo association shall sell, offer for sale, negotiate for the\n\nsale of or take subscriptions for, or issue any of its permanent\n\ncapital stock until it shall have first applied for and secured from\n\nthe State Banking Commissioner a permit authorizing it to do so.\n\nSuch application shall be in writing, be verified and be filed with\n\nthe Commissioner. In such application the association shall set\n\nforth the names and addresses of its officers, the location of its\n\nmain office and branch offices, an itemized account of its financial\n\ncondition, the amount and character of its stock and shares, a copy\n\nof any prospectus or advertisement or other description of its stock\n\nto be distributed or published, a copy of all minutes of any\n\nproceedings of its directors, members or stockholders relating to or\n\naffecting the issue of such stock and such additional information\n\nconcerning the association, its condition and affairs as the\n\nCommissioner may require. Upon the filing of such application it\n\nshall be the duty of the Commissioner to examine it and the other\n\npapers and documents filed therewith. If the Commissioner finds\n\nthat the proposed issue is such as will not mislead the public as to\n\nthe nature of the investment or will not work a fraud upon the\n\npurchaser thereof, the Commissioner shall issue to the association a\n\npermit authorizing it to issue and dispose of its stock in such\n\namounts as the Commissioner may in such permit provide. Otherwise,\n\nthe Commissioner shall deny the application and notify the\n\nassociation in writing of the decision. Every permit shall recite\n\nin bold type that the issuance thereof is permissive only and does\n\nnot constitute a recommendation or endorsement of the stock\n\npermitted to be issued. The Commissioner may impose conditions\n\nrequiring the impoundment of the proceeds from the sale of such\n\nstock, limiting the expense in connection with the sale thereof, and\n\nsuch other conditions as the Commissioner may deem reasonable and\n\nnecessary or advisable to insure the disposition of the proceeds\n\nfrom the sale of such stock in the manner and for the purposes\n\nprovided in such permit. The Commissioner may, from time to time,\n\namend, alter or revoke any permit issued by the Commissioner or\n\ntemporarily suspend the rights of such association under such\n\npermit. The Commissioner shall have the power to establish such\n\nrules as may be reasonable or necessary to carry out the purposes\n\nand provisions of this section.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"8fc3a12b30da567614eb5122c9fa21b10025018f97a1ace6e3928d7b9f57c79f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.53d","next":"us-ok/okla.-stat.-tit.-18-18-381.53f"},"notice":"GroundRules: Original legal text. Not legal advice."}